Gold Rallies as Economic Data Solidifies Fed Rate Cut Possibility
The start of this week saw the price of gold rise by almost 3% to reach $4,111.39 an ounce, after initially reaching the high point it notched in October. The rally follows the release of the latest U.S. economic data that bolstered expectations of an upcoming reduction in rates of interest by the Fed, which drove investor demand for the precious metal. In the U.S. futures market, December gold contracts surged to reach $4,122 an ounce, representing a 2.8% increase. According to Zaner Metals’ Senior Metals Strategist and VP, Peter Grant, weaker economic indicators have encouraged a more dovish outlook…